External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Our ADD rating on Reliance Industries (RIL) with a price target of INR 3,255/sh is premised on (1) recovery in the O2C businesses, (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated Q4FY24 EBITDA at INR 425bn, grew +11% YoY, and came above our estimate, largely driven by Retail segment EBITDA growth of +18% YoY and Digital segment EBITDA growth of +9% YoY</li><li>APAT at INR 190bn (-2% YoY, +10% QoQ) came in above our estimates, also supported by higher-than-expected other income.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our ADD rating on Reliance Industries (RIL) with a price target of INR 3,255/sh is premised on (1) recovery in the O2C businesses, (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated Q4FY24 EBITDA at INR 425bn, grew +11% YoY, and came above our estimate, largely driven by Retail segment EBITDA growth of +18% YoY and Digital segment EBITDA growth of +9% YoYAPAT at INR 190bn (-2% YoY, +10% QoQ) came in above our estimates, also supported by higher-than-expected other income.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reliance Industries (Q4FY24): Strong Growth in Consumer Businesses. Maintain ADD

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-198'>Reliance Industries</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Reliance Industries

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Reliance Industries / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


<ul><li>Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,515/sh is premised on (1) recovery in the O2C businesses, (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated EBITDA at INR 410bn (+32% YoY, +8% QoQ, HSIE: INR 385bn) and APAT at INR 174bn (+27% YoY, +9% QoQ) came in above our estimates, supported by better-than-expected performance from its energy businesses.</li><li>We use EV/EBITDA to value downstream at Mar-25E EV/e, retail on peer benchmarked EV/e and E&amp;P and Jio on DCF.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,515/sh is premised on (1) recovery in the O2C businesses, (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated EBITDA at INR 410bn (+32% YoY, +8% QoQ, HSIE: INR 385bn) and APAT at INR 174bn (+27% YoY, +9% QoQ) came in above our estimates, supported by better-than-expected performance from its energy businesses.We use EV/EBITDA to value downstream at Mar-25E EV/e, retail on peer benchmarked EV/e and E&amp;P and Jio on DCF.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reliance Industries (Q2FY24): Robust Earnings from Energy Businesses. Maintain ADD

Reliance Industries (Q2FY24): Robust Earnings from Energy Businesses.

India

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

Reliance Industries (RIL IN)

Reliance Industries (Q4FY24): Strong Growth in Consumer Businesses. Maintain ADD

Our estimates remain unchanged. However, our target price is revised to INR 3,255/sh as we roll forward to FY26. We use EV/EBITDA to value...

HDFC Securities

Morning Views Asia: Reliance Industries

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Aequitas 2024 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.

Sumeet Singh

Reliance Industries (Q2FY24): Robust Earnings from Energy Businesses. Maintain ADD

RIL’s consolidated EBITDA at INR 410bn (+32% YoY, +8% QoQ, HSIE: INR 385bn) and APAT at INR 174bn (+27% YoY, +9% QoQ) came in above our estimates

HDFC Securities

Reliance Industries (Q2FY24): Robust Earnings from Energy Businesses.

Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,515/sh is premised on (1) recovery in the O2C businesses, (2) EBITDA...

HDFC Securities